Hargreaves Lansdown

Jersey Oil & Gas awarded Greater Buchan Area block

Fri 23 August 2019 14:54 | A A A

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(Sharecast News) - Jersey Oil & Gas announced on Friday that it has been awarded, subject to documentation, a 100% working interest and operatorship of an additional block - Block 21/2a - in the Oil & Gas Authority's 31st Supplementary Offshore Licensing Round.

The AIM-traded firm said the 'Additional Greater Buchan Area' acreage in the block includes the Glenn oil discovery, and adds a further 14 million barrels of oil equivalent discovered mean recoverable resources.

"We are delighted to announce this further licence award within the Greater Buchan Area," said chief executive officer Andrew Benitz.

"This additional acreage completes a 100% success rate of awards across all of the acreage we applied for in the 31st Supplementary Offshore Licensing Round.

"The Glenn oil discovery contained therein adds additional discovered resources net to JOG as well as operatorship of another discovered resource in the area of our Buchan-centred development hub plans for the Greater Buchan Area."

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